Chain Reaction - 7th November 2022
Layer 2s, Regulation and News
Started the week strong with Twitter Spaces going through the current state of regulation talk going on between those siding with #SBF and those siding with Erik Voorhees and even Vitalik wading in. Listen to the replay here:
Speaking of Vitalik, it was great to have The Defiant News feature our member (and NotCentralised director) Nick Bishop in their article on the Ethereum founder’s comments - https://thedefiant.io/vitalik-urges-defi-to-slow-down-integration-with-traditional-finance
And later in the week we provided further commentary on this piece about MicroStrategy and what if they had bought ETH instead of BTC -
Also this week, on Tuesday, we had the StarkNet meetup we were co-hosting with Sydney Web3 and Offchain Global. Lots of discussions and great insights from all the panelists. Some tweets about it here
More photos here
Also this week we gave in 2 submissions for the RBA CBDC pilot under the NotCentralised group I work for. The first was the idea of building a trade/commerce protocol for real-world commerce using the CBDC along with Zerocap, CANVAS and oversight from HSF. We also put in another submission to do with the analytics that could be created from the data collected. We share elements of these publicly below
Commerce platform - https://medium.com/notcentralised/rba-cbdc-submissions-d3f8563ad6c4
Analytics platform - https://medium.com/notcentralised/rba-cbdc-submission-2-fe12e3af5512
Also in Aus DeFi news this week, we put out episode 15 of the Getting to know the Community series this time with Harry Dell as guest. You may know him from TikTok fame but he’s one of the bright minds out there when it comes to tax law. Thanks to Shahirah Gardner for the interview.
In NFT news it was all about the Art Gobblers which are related to the creators of Rick and Morty, then acclaimed cartoon series. With a floor price reaching 14 ETH it was a huge debut. NFT volumes and prices are down on majority of projects so beware as this is an outlier compared to what is going on overall. An interesting take on all this from the folks at Decrypt here - https://decrypt.co/113312/rick-morty-art-gobblers-nft-influencer-ethics
Elsewhere and we see The Defiant flagging another stablecoin war this time with Binance and their BUSD. Seems like a repeat of stablecoin wars of 2018
There was news out of the MAS (Monetary Authority of Singapore) that their pilot for digital assets and DeFi went live this week covering wholesale funding markets - more details on that here: https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live
There was this great podcast out from the Chainalysis crew sitting with Caroline Bowler of BTC Markets as they discussed regulation of crypto in Australia - https://blog.chainalysis.com/reports/chainalysis-podcast-episode-29-australia-cryptocurrency-regulations/
JP Morgan, did the first ever issuance of tokenised deposits by a bank using DeFi rails with Polygon -
BTC seems to be breaking the mould of looking like a stablecoin worth $19k USD with the latest moves pushing it (and other alt currencies) higher in recent days.
Checkmatey and the Glassnode crew have a great breakdown on what’s been driving the market recently here:
Thanks for reading Chain Reaction! Subscribe for free to receive new posts and support my work.